Diriyah Company Successfully Concludes Participation in the Future Hospitality Summit in Abu Dhabi

Visitors are seen at a previous edition of the Future Hospitality Summit (FHS). (FHS)
Visitors are seen at a previous edition of the Future Hospitality Summit (FHS). (FHS)
TT
20

Diriyah Company Successfully Concludes Participation in the Future Hospitality Summit in Abu Dhabi

Visitors are seen at a previous edition of the Future Hospitality Summit (FHS). (FHS)
Visitors are seen at a previous edition of the Future Hospitality Summit (FHS). (FHS)

The Diriyah Company has highlighted several hotel, hospitality, and tourism projects during its participation in the Future Hospitality Summit (FHS) 2023, which was held in Abu Dhabi from September 25-27.

The company emphasized that the Diriyah project is expected to contribute directly to increasing the number of visits to the Kingdom to 100 million annual visits by 2030. Furthermore, the global influx of tourists Diriyah is currently experiencing can largely be attributed to the recent launch of several heritage and tourism attractions, including At-Turaif, the UNESCO World Heritage Site, and Bujairi Terrace, one of the Middle East's newest premier luxury dining destinations.

During its FHS participation, the company noted that this recent global tourist interest marks the beginning of a period of great activity. In the coming years, more people from around the world than ever will seek to experience the history and heritage of Saudi Arabia's birthplace.

Diriyah will continue to attract tourists with an interest in its historic monuments, including the UNESCO World Heritage Site At-Turaif, as well as its traditional Najdi architecture, which serves as a source of inspiration for developers and connects Diriyah to its rich past through the use of local construction materials.

At its pavilion, which drew a large number of entrepreneurs, business and hospitality industry leaders, and experts, the Diriyah Company showcased its remarkable projects, including the development of 38 hotels.

The global hotel brands, some of which are making their debut in the Kingdom, specifically in Diriyah, include Armani, Six Senses, Anantara, The Luxury Collection by Marriott, Waldorf Astoria, Baccarat Hotel, and, more recently, properties from the Aman Group.

The company also highlighted that Diriyah is expected to attract 50 million visitors annually and create 178,000 direct employment opportunities upon project completion. These efforts are aligned with the broader objectives of the Kingdom's Vision 2030.

The portfolio of projects in Diriyah has positioned it as a global leader in tourism and hospitality, attracting visitors from all over the world. This aligns with Saudi Arabia's commitment to using modern technologies to improve the quality of life for residents and visitors, promote sustainability, and create thriving and inclusive hospitality and investment sectors.



Gold Slips More Than 1% as China Considers US Tariff Exemption

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
TT
20

Gold Slips More Than 1% as China Considers US Tariff Exemption

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices lost more than 1% on Friday and were heading for a weekly fall on signals of a potential de-escalation in the US-China trade war, including news that China was weighing tariff exemptions for some US goods.

Spot gold fell 1.5% to $3,299.69 an ounce as of 0830 GMT. US gold futures shed 1.1% to $3,310.20.

"Gold is facing challenges in sustaining upward momentum as optimism around a potential US-China trade agreement grows," said Zain Vawda, an analyst at MarketPulse by OANDA.

The dollar jumped reversing losses from the prior day while European shares rose after a media report that China was weighing tariff exemptions for some US goods, stoking hopes for a de-escalation in a spiraling trade war between the world's two largest economies.

A higher dollar makes the bullion more expensive for overseas buyers.

"A US-China trade agreement could push gold down toward $3,000/oz or lower, depending on other influencing factors," Vawda said.

US President Donald Trump asserted that trade talks with China are underway, pushing back against Chinese claims that no discussions have taken place to ease the ongoing trade war.

Gold, traditionally seen as a hedge against geopolitical and economic uncertainties has gained nearly 26% so far this year. It also touched a record high of $3,500.05 on Tuesday.

Meanwhile, Federal Reserve officials indicated they saw no urgency in revising the monetary policy as they sought more information to determine how the Trump administration's tariffs were affecting the economy.

Non-yielding bullion tends to thrive in a low interest rate environment.

"Now that the market's corrected it will be a good indicator if buying picks up in India," said Ross Norman, an independent analyst.

Spot silver fell 0.6% to $33.36 an ounce, platinum dropped 1.2% at $958.89 and palladium fell 1.6% to $938.78.

Silver was headed for a weekly gain while the other two metals were seen falling for the week.